Circular Flow DiagramA: Goods and ServicesSalariesD: Wages,Householdsand BenefitsC: LaborB: Payment for Goods and ServicesServicesFirmsFigure: The Circular Flow Diagram. The circular flow diagram shows how households and firmsinteract in the goods and services market, and in the labor market. The direction of the arrows showsthat in the goods and services market, households receive goods and services and pay firms forthem. In the labor market, households provide labor and receive payment from firms through wages,salaries, and benefits.O Goods and servicesO Payment for Goods and ServicesWages, Salaries, and BenefitsReview the figure of the circular flow diagram above. Then answer the following question.Kaylie purchases a new jacket from an online vendor. To which of the arrows does this transactiondirectly contribute?O answers A and B only

A two-sector circular flow diagram shows how households and firms interact in the goods and services…

Figure: The Circ interact in the goods and services market, and in the labor market. The direction of the arrow that in the goods and services market, households receive goods and services and pay firms them. In the labor market, households provide labor and receive payment from firms through salaries, and benefits. Review the figure of the circular flow diagram above. Then answer the following question. Kaylie purchases a new jacket from an online vendor. To which of the arrows does this transa- directly contribute? O Goods and services O Payment for Goods and Services O Wages, Salaries, and Benefits

Figure: The Circ interact in the goods and services market, and in the labor market. The direction of the arrow that in the goods and services market, households receive goods and services and pay firms them. In the labor market, households provide labor and receive payment from firms through salaries, and benefits. Review the figure of the circular flow diagram above. Then answer the following question. Kaylie purchases a new jacket from an online vendor. To which of the arrows does this transa- directly contribute? O Goods and services O Payment for Goods and Services O Wages, Salaries, and Benefits

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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